I need help with this question please The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day.**Graph Explanation:**- The graph is a straight-line production possibilities curve with T-Rex costumes on the vertical axis and Velociraptor costumes on the horizontal axis.- The curve starts at a point where there are 10 T-Rex costumes and 0 Velociraptor costumes.- It slopes downward linearly to a point where there are 0 T-Rex costumes and 40 Velociraptor costumes.- The curve illustrates the trade-off between producing T-Rex costumes and Velociraptor costumes, reflecting opportunity cost.**Question:**Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume?**Choose 1 answer:**- A) 0.25 T-Rex costumes- B) 4 Velociraptor costumes- C) 0.25 of a T-Rex costume- D) 10 Velociraptor costumes- E) 0.4**Correct Answer:** B) 4 Velociraptor costumes.This means that for each T-Rex costume produced, 4 Velociraptor costumes must be forgone.

Opportunity Cost: It refers to the foregone revenue on the next best alternative if we pick a…

The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day. T-Rex costumes 15+ 10 5 Choose 1 answer: 10 15 20 25 30 35 40 45 Velociraptor costumes Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume? 0.25 T-Rex costumes 4 Velociraptor costumes 0.25 of a T-Rex costume 10 Velociraptor costumes 0.4

The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day. T-Rex costumes 15+ 10 5 Choose 1 answer: 10 15 20 25 30 35 40 45 Velociraptor costumes Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume? 0.25 T-Rex costumes 4 Velociraptor costumes 0.25 of a T-Rex costume 10 Velociraptor costumes 0.4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

I need help with this question please

The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day.

**Graph Explanation:**

- The graph is a straight-line production possibilities curve with T-Rex costumes on the vertical axis and Velociraptor costumes on the horizontal axis.
- The curve starts at a point where there are 10 T-Rex costumes and 0 Velociraptor costumes.
- It slopes downward linearly to a point where there are 0 T-Rex costumes and 40 Velociraptor costumes.
- The curve illustrates the trade-off between producing T-Rex costumes and Velociraptor costumes, reflecting opportunity cost.

**Question:**

Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume?

**Choose 1 answer:**

- A) 0.25 T-Rex costumes
- B) 4 Velociraptor costumes
- C) 0.25 of a T-Rex costume
- D) 10 Velociraptor costumes
- E) 0.4

**Correct Answer:** B) 4 Velociraptor costumes.

This means that for each T-Rex costume produced, 4 Velociraptor costumes must be forgone.

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